Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Telecoms

MTN CEO resigns following Nigeria record fine

MTN Sifiso Dabengwa

Dabengwa has been MTN CEO since March 2011

The CEO of Africa’s largest telco Sifiso Dabengwa has resigned with immediate effect. Dabengwa’s resignation comes days after the Nigerian Communications Commission (NCC) fined MTN an unprecedented $5.2 billion fine for failing to switch off unregistered SIM cards on its network.

The fine, which is more than double the company’s profit last year, was to be settled two weeks after the announcement although there are reports MTN is negotiating with NCC.

“Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, in the interest of the company and its shareholders, have tendered my resignation with immediate effect,” stated Dabengwa.

MTN said on Monday that the current Non-Executive Chairman Phuthuma Nhleko will take over as CEO in an acting capacity for six months.

Nhleko said he will actively engage Nigerian authorities to resolve the hefty fine as MTN scouts for a new chief executive.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...